https://www.taxtmi.com/caselaws?id=256939 The Tribunal upheld the Assessing Officer's view that the date of transfer of immovable property in a compulsory acquisition was when the assessee relinquished her rights on 30/05/2006. The Tribunal also ruled that the assessee was not eligible for exemption under Section 10(37) of the Income Tax Act due to failure to meet the agricultural use condition. Additionally, the Tribunal supported the use of the reserve price, rather than Fair Market Value, for computing capital gains. The Revenue's appeal was allowed, and the assessee's cross objection was dismissed. en-us Fri, 09 Jan 2015 00:00:00 +0530 Thu, 26 Feb 2015 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256939 The Tribunal upheld the Assessing Officer's view that the date of transfer of immovable property in a compulsory acquisition was when the assessee relinquished her rights on 30/05/2006. The Tribunal also ruled that the assessee was not eligible for exemption under Section 10(37) of the Income Tax Act due to failure to meet the agricultural use condition. Additionally, the Tribunal supported the use of the reserve price, rather than Fair Market Value, for computing capital gains. The Revenue's appeal was allowed, and the assessee's cross objection was dismissed. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256939